🏆 Deal of the Week · CW 37/2025
Mistral AI raised USD 1.7 billion in a Series C round at a valuation of USD 13.7 billion. The round was led by ASML Holding NV, with participation from existing investors. This financing marks one of the largest private AI funding rounds in European history.
Mistral AI — key deal facts
| Company | Mistral AI |
| Founded | 2023 |
| Headquarters | Paris, France |
| Amount raised | USD 1.7m |
| Valuation | USD 13.7b |
| Round | Series C |
| Investors | Led by ASML Holding NV, and existing investors including DST Global, Andreessen Horowitz and Bpifrance |
| Sectors | Artificial Intelligence |
Who invested in Mistral AI?
The round was led by ASML Holding NV, the Dutch semiconductor equipment giant, alongside existing backers DST Global, Andreessen Horowitz, and Bpifrance. ASML's participation is notable given its strategic position in the semiconductor supply chain, signalling convergence between frontier AI model development and advanced chip infrastructure. The presence of Bpifrance, France's public investment bank, reflects continued sovereign backing for a company viewed as a European AI champion.
What does Mistral AI do?
Mistral AI is a French artificial intelligence company founded in April 2023 and headquartered in Paris, France. The company was co-founded by Arthur Mensch (CEO), Guillaume Lample, and Timothée Lacroix, all of whom previously held research positions at leading AI laboratories. Mistral develops high-performance large language models for enterprises and developers, offering open-weight models such as Mistral Small 4 and Codestral alongside commercial frontier models including Mistral Large 3 and Pixtral Large. Its product portfolio also includes the Le Chat AI chatbot and Mistral OCR, a specialised optical character recognition tool.
Mistral AI valuation & multiples
No existing multiples analysis was provided for this deal. Once revenue figures become available, standard Artificial Intelligence sector benchmarks — including EV/Sales and EV/EBITDA ranges — can be applied to contextualise the USD 13.7 billion valuation. Explore current transaction multiples for the AI and enterprise software sectors on the Venionaire DealMatrix sector multiples pages.
Explore the benchmarks: Series C.
Frequently asked questions
How much did Mistral AI raise in its Series C?
Mistral AI raised USD 1.7 billion in its Series C round, led by ASML Holding NV alongside existing investors DST Global, Andreessen Horowitz, and Bpifrance.
What is Mistral AI's valuation?
Mistral AI's Series C round was completed at a verified post-money valuation of USD 13.7 billion.
Who invested in Mistral AI?
The Series C was led by ASML Holding NV, with existing investors DST Global, Andreessen Horowitz, and Bpifrance also participating.
When was Mistral AI founded and where is it based?
Mistral AI was founded in April 2023 and is headquartered in Paris, France.
Source: original announcement — read the full report.